© Reuters. FILE PHOTO: The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. REUTERS/Nicholas Pfosi/File Photo
(Reuters) – 3M said on Tuesday it had agreed to pay $6 billion to settle nearly 260,000 lawsuits accusing it of selling defective combat earplugs that caused hearing loss in hundreds of thousands of current and former U.S. military service members.
Under the agreement, 3M will contribute a total amount of $6 billion between 2023 and 2029, which is structured under the agreement to include $5 billion in cash and $1 billion in 3M common stock, the company said.
The industrial giant said it will record a pre-tax charge of about $4.2 billion in the third quarter of 2023.